Majority Leader Alexander Afenyo-Markin has refuted allegations that international banks have rejected Ghana’s COCOBOD (Ghana Cocoa Board) in pursuing a $1.5 billion loan for the 2024/2025 cocoa crop season.
Afenyo-Markin addressed these claims during the opening of the extraordinary parliamentary session.
“It is not true that the international banks have shut their doors on Ghana COCOBOD,” Afenyo-Markin stated, dismissing concerns raised by the Minority Leader, Dr. Cassiel Ato Forson.
During his opening address, Forson claimed that COCOBOD’s loan request failed to attract interest from international banks due to the board’s alleged poor financial health and the declining state of the cocoa sector.
For the first time in thirty-two years, Forson highlighted that COCOBOD had yet to present a loan agreement for a syndicated purpose by September.
Dr Forson also criticized the current state of the cocoa sector, citing low global market prices and unfavourable exchange rates.
He argued that COCOBOD’s inability to secure fair prices for cocoa would adversely impact farmers, who he believes deserve better compensation for their labour.
In response, Afenyo-Markin urged patience as COCOBOD introduces a new hybrid financing system. “Mr. Speaker, let us patiently wait on COCOBOD as they introduce their hybrid financing system to us as a House,” he advised.
The Majority Leader encouraged members to stay optimistic and support the cocoa sector. “Time will tell if COCOBOD has collapsed, but it is important as parliamentarians that we remain optimistic and encourage the cocoa sector to be successful,” he added.
In addition to addressing COCOBOD’s financial situation, Afenyo-Markin outlined the agenda for the extraordinary meeting, which includes reviewing committee reports, such as the Appointments Committee’s recommendations on Supreme Court nominees, and several requests for tax waivers under the Government’s One District One Factory Programme.
The House will also consider motions related to loan agreements, including a financing agreement between the Government of Ghana and the International Development Association (IDA) for the Ghana Energy Sector Recovery Programme (ESRP).
Afenyo-Markin acknowledged the demands placed on members but expressed appreciation for their dedication.
“I appreciate the toll this will have on members and its impact on your campaign drives.
However, I know that Honorable Members are committed to their constitutional mandate.
As such, I appreciate your time and dedication to the House’s business, which will ultimately improve the economic and living conditions of the good people we represent,” he concluded.
